In 2021, the median age at divorce in Australia was 45.9 for men and 43.0 for women. However, there is a growing trend for older couples to go their separate ways. This is known as grey divorce, and it is a relatively new phenomenon. There are many reasons for this increase, which we will explore in further detail in this article.
Getting divorced in your later years is typically more complex for a number of reasons. Finances are more closely intertwined and it could have implications for your pensions and retirement plans.
That said, happiness is more important than staying together out of convenience, which is why many older Australian couples are choosing to go their separate ways rather than see out the rest of their lives in an unhappy relationship.
What is grey divorce?
Grey divorce is a term that refers to couples that break up later in life. The grey refers to the grey hair, and is sometimes referred to as a silver divorce. This is generally considered to be less common, as couples are more likely to stay together if they have been together for a long time.
However, an increasing number of Australian couples are choosing to end their relationship and start afresh. We only get one life, so it makes sense to follow your heart and do everything you can to live life to the fullest.
Why is this on the rise?
There are a few reasons that grey divorce is on the rise in Australia. First, societal expectations of staying together until death aren’t as rigid as they once were.
Couples are waking up to the idea that marriage can be a beautiful thing for a short time, and it doesn’t have to last forever. There is less of a stigma of shame around getting a divorce, so couples are choosing to go their separate ways rather than drag the relationship on.
Women are also more empowered to put their happiness first. It was once seen as a requirement for women to be married, but social media is teaching women that it’s perfectly fine to be unmarried and this isn’t a sign of failure.
And finally, women are more financially independent than ever before. It’s more likely that women will have their own pensions and financial provisions, so they aren’t as reliant on men for financial security.
Why is grey divorce typically more complex?
Solicitors typically expect to have their work cut out for them when it comes to an older couple divorcing, as it is usually much more complex. Working out what both parties are entitled to in terms of assets, savings and pensions can be very difficult.
Even if you go through something like Splitting Up with your partner later in life, the financial side of your affairs can be incredibly complex. So while there aren’t any kids to worry about, it’s vital to ensure that both parties get what they are entitled to and no one is left out in the cold. This can be more complicated if the couple have started to dip into their retirement pot.
The couple may have been married for so long that they didn’t have a prenuptial agreement, as these weren’t as common in the past. And if they do have one, the situation may have changed drastically since they both signed that document. While still legally binding, it might not answer all of the questions.
Property is also a difficult area to navigate. And older couples are more likely to own property than younger couples. It’s vital to ensure this is divided fairly and no one if left without their share.
